ReportCrux Market Research has published a new report titled “Consumer IoT Market by Component (Software [Real-Time Streaming Analytics, Data Management, Remote Monitoring, Security Solution, and Network Bandwidth Management], Hardware [Application Management, Device Management, and Network Management], and Services [Professional Services, and Managed Services]); by Offering (Node Component [Memory Device, Processor, Sensor, and Others], Network Infrastructure [Ethernet Switch and Routing, Server, and Gateway], and Others); by End User (Consumer Electronics, Wearable Devices, Home Automation, Healthcare, Automotives, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Consumer IoT Market Size
Consumer IoT Market is estimated to grow from USD 52.76 Billion in 2019 to USD 188.24 Billion by 2027, at a CAGR of 17.2% during 2020-2027
Market Overview
The growth of the IoT consumer market can be attributed to the increased awareness about health, rising number of Internet users, the adoption of smart devices, increased disposable incomes in emerging economies, and increased customer demand for convenience and healthier lifestyles, raising value of remote home surveillance, and government safety regulations. Consumer IoT is a broad term used to refer to a variety of personal devices like wearables, smart phones, fashion products, and home appliances that are connected to the internet. Consumer IoT differs from the Internet of Things primarily in terms of the type of computer used and its applications.
The growing number of interconnected devices monitoring physical infrastructure and rising networking, which makes these networks and their devices more susceptible to data breaching, thus contributing to an increase in demand for highly advanced security solutions in the IoT industry.
In addition, with the increase in the number of connected devices, the volume of data is also increasing. Such large amounts of data are driving the data management software market. By introducing the IoT data management platform, businesses are trying to achieve a competitive advantage with predictive analytics and to improve their business operations thus boosting consume IoT market.
Segmentation Analysis
The global market for the consumer IoT is segmented into offering, end user, component, and region.
By Offering
Based on offering, the market is categorized into node component, network infrastructure, and others. The node component market segment is further classified into memory device, processor, sensor, and others. The network infrastructure segment is further divided into server, ethernet switch and routing, and gateway. The node component segment held major share of the market in 2019. The goal and objective of the IT network is to protect data safely and confidentially. Companies such as Cisco systems are seeking to establish an approach that incorporates physical and cyber security offerings for the safety of workers and the defense of the entire network.
By Component
Based on component, the market for consumer IoT is segmented into software, hardware, and services. The software market is further divided into real-time streaming analytics, data management, remote monitoring, security solution, and network bandwidth management. The hardware market is further segmented into application management, device management, and network management.
The services segment is further divided into professional services, and managed services. As the number of connected devices is increasing, the amount of data is also increasing. These large data volumes are driving the data management software market. By introducing IoT data management tools, businesses seek to gain a competitive advantage with predictive analytics as well as to improve their business operations.
Moreover, the growing number of interconnected devices that control the increasing networking and physical infrastructure has made these networks and their devices more susceptible to cyber attacks, thus contributing to an increase in demand for highly sophisticated security solutions in the consumer IoT industry.
By End-User
Home automation segment accounted for almost 27% share of the Consumer IoT Market in 2019
On the basis of end user, the global market for consumer IoT is segmented into consumer electronics, wearable devices, home automation, healthcare, automotives, and others. The rise in demand for home monitoring form remote locations, and growing adoption of home automation devices in applications like HVAC, defense, and energy management have been key factors driving the growth of the IoT user market for home automation.
By Region
North America held almost 41% Share of the overall market
Region the market is classified into Middle East & Africa, Asia Pacific, Europe, North America, and Latin America. he increasing demand for smart devices from consumer electronics, wearables and home automation applications has led to the growth of the consumer IoT market in this area. However, the growth of the market in this area is also driven by rise in health awareness due to the growing incidence of chronic diseases and the number of patients with diabetes and the ease of use of medical devices.
Key Market Analysis
Major players in consumer IoT market are LG Electronics, Inc. (South Korea), Texas Instruments Incorporated (U.S.), Amazon.com, Inc. (U.S.), AT&T, Inc. (U.S.), TE Connectivity Ltd. (Switzerland), Sony Corporation (Japan), NXP Semiconductors N.V. (Netherland), STMicroelectronics N.V (Switzerland), Apple, Inc. (U.S.), and Intel Corporation (U.S.) among others.
The company has made substantial investments in R&D and is active in the continuous growth of wireless technologies. For the IoT consumer market, companies are developing new chipsets to meet the growing demand of consumers. Texas Instruments is also one of the world's largest semiconductor firms. The business has a broad geographic footprint and a strong R&D capability. Large product range and the ability to shape strategic alliances and partnerships have made the company one of the key players in this market.
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